Some Ghanaians have expressed disappointment in the mid-year budget review presented by finance minister Ken Ofori Atta in parliament on Monday August 31, 2023.
Sharing their disappointment on Plan B FM morning NKOSUONSEM with Nana Yaw Abrompah, some of the callers said, they had high expectations for the Mid-Year Budget Review hoping that the government will be able to address the country’s economic challenges, such as high inflation and unemployment. They are also hoping that the government will be able to provide more resources for education, healthcare, and infrastructure.
They said the implementation of the covid levy, E-levy, and other taxes causing hardship on Ghanaians and businesses were also expected to be abolished but did not materialized.
Meanwhile, the Minister of Finance, Ken Ofori-Atta, announced that the country has successfully stabilized its exchange rate and reduced inflation through a combination of fiscal adjustments and investments in its people.
Mr. Ofori-Atta highlighted the positive economic indicators that have emerged in recent months, signaling a significant turnaround for the Ghanaian economy.
He attributed these achievements to the implementation of ongoing fiscal adjustments and sustained investments in key sectors.
Finance Minister, Mr. Ofori-Atta, is expressing optimism about the country’s economic recovery, expecting a rebound in GDP growth. The minister projected a 4.9 percent increase in GDP for the year 2026.
He said these positive forecasts are attributed to the implementation of growth-oriented and structural transformation strategies outlined in the Post-COVID-19 Programme of Economic Growth.
“The government is also determined to attract private domestic and foreign investments to support the country’s enhanced growth”
Minister of Finance, Ken Ofori-Atta, has stated that the economy is back on track to a positive primary balance, stating that provisional data on government fiscal operations for the first half of 2023 show a slower pace of expenditure execution relative to revenue shortfall.
According to him, this has resulted in an overall budget deficit on a commitment basis of GH¢6.3 billion (0.8% of GDP), compared to the 2023 first-half budget deficit target of GH¢28.3 billion (3.5% of GDP).